Ieq Capital LLC Has $25.35 Million Position in ServiceNow, Inc. $NOW

Key Points

• Ieq Capital LLC increased its stake in ServiceNow, Inc. by 37.6% in the first quarter, owning a total of 31,844 shares valued at $25.35 million.
• ServiceNow reported earnings of $4.09 per share, surpassing analysts' expectations of $3.57, with a revenue of $3.22 billion, indicating a 22.4% increase year-over-year.
• Institutional investors now control 87.18% of ServiceNow's stock, with several major firms like Vanguard and GAMMA increasing their positions significantly during the last quarter.

Ieq Capital LLC increased its stake in shares of ServiceNow, Inc. (NYSE:NOW - Free Report) by 37.6% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 31,844 shares of the information technology services provider's stock after purchasing an additional 8,702 shares during the period. Ieq Capital LLC's holdings in ServiceNow were worth $25,352,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. Bogart Wealth LLC boosted its position in ServiceNow by 113.3% during the 1st quarter. Bogart Wealth LLC now owns 32 shares of the information technology services provider's stock worth $25,000 after purchasing an additional 17 shares during the period. Graybill Wealth Management LTD. bought a new position in shares of ServiceNow during the first quarter worth about $26,000. Quarry LP bought a new position in shares of ServiceNow during the fourth quarter worth about $27,000. WASHINGTON TRUST Co raised its stake in ServiceNow by 620.0% during the first quarter. WASHINGTON TRUST Co now owns 36 shares of the information technology services provider's stock worth $29,000 after acquiring an additional 31 shares during the period. Finally, Dagco Inc. acquired a new stake in ServiceNow during the first quarter worth about $33,000. 87.18% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at ServiceNow

In other ServiceNow news, General Counsel Russell S. Elmer sold 1,698 shares of the stock in a transaction on Wednesday, August 20th. The stock was sold at an average price of $884.26, for a total transaction of $1,501,473.48. Following the completion of the transaction, the general counsel directly owned 4,332 shares in the company, valued at $3,830,614.32. This represents a 28.16% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO William R. Mcdermott sold 1,585 shares of the business's stock in a transaction dated Tuesday, August 19th. The shares were sold at an average price of $900.00, for a total transaction of $1,426,500.00. Following the completion of the transaction, the chief executive officer owned 12,439 shares in the company, valued at approximately $11,195,100. This trade represents a 11.30% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 12,302 shares of company stock worth $10,956,796 in the last 90 days. 0.38% of the stock is currently owned by insiders.

Analyst Ratings Changes

NOW has been the subject of several recent analyst reports. Needham & Company LLC increased their price objective on shares of ServiceNow from $1,050.00 to $1,200.00 and gave the company a "buy" rating in a report on Thursday, July 24th. Raymond James Financial increased their price objective on shares of ServiceNow from $1,000.00 to $1,100.00 and gave the company an "outperform" rating in a report on Thursday, July 24th. Wells Fargo & Company increased their price objective on shares of ServiceNow from $1,150.00 to $1,225.00 and gave the company an "overweight" rating in a report on Thursday, July 24th. BMO Capital Markets increased their price objective on shares of ServiceNow from $1,150.00 to $1,160.00 and gave the company an "outperform" rating in a report on Thursday, July 24th. Finally, Guggenheim reiterated a "sell" rating and issued a $724.00 price objective on shares of ServiceNow in a report on Thursday, July 17th. One research analyst has rated the stock with a Strong Buy rating, twenty-nine have assigned a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $1,115.20.

ServiceNow Stock Down 1.1%

Shares of NOW stock traded down $10.12 on Friday, hitting $918.49. The company's stock had a trading volume of 1,881,767 shares, compared to its average volume of 1,719,487. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.09 and a quick ratio of 1.09. The stock has a market capitalization of $191.04 billion, a price-to-earnings ratio of 115.68, a P/E/G ratio of 4.01 and a beta of 0.93. ServiceNow, Inc. has a fifty-two week low of $678.66 and a fifty-two week high of $1,198.09. The firm's fifty day moving average price is $946.91 and its 200-day moving average price is $926.16.

ServiceNow (NYSE:NOW - Get Free Report) last issued its quarterly earnings data on Wednesday, July 23rd. The information technology services provider reported $4.09 earnings per share for the quarter, topping analysts' consensus estimates of $3.57 by $0.52. ServiceNow had a net margin of 13.78% and a return on equity of 18.04%. The business had revenue of $3.22 billion during the quarter, compared to analysts' expectations of $3.12 billion. During the same period in the previous year, the company earned $3.13 earnings per share. ServiceNow's revenue for the quarter was up 22.4% on a year-over-year basis. Research analysts anticipate that ServiceNow, Inc. will post 8.93 EPS for the current year.

ServiceNow Profile

ServiceNow, Inc provides end to-end intelligent workflow automation platform solutions for digital businesses in the North America, Europe, the Middle East and Africa, Asia Pacific, and internationally. The company operates the Now platform for end-to-end digital transformation, artificial intelligence, machine learning, robotic process automation, process mining, performance analytics, and collaboration and development tools.